Investment Rating - The report rates the industry as "Outperform" [1] Core Views - Gold prices are expected to fluctuate due to tariff agreements and Federal Reserve independence issues, with prices initially rising before declining [2][9] - Copper prices are supported by positive market sentiment and upcoming tariff implementation, despite potential supply and demand pressures [10][12] - The aluminum sector is experiencing price fluctuations influenced by macroeconomic sentiment and inventory levels, with long-term demand expected to remain strong [11][12] Summary by Sections Weekly Research Insights - Gold prices are under pressure due to evolving tariff agreements and scrutiny of the Federal Reserve's independence, with a long-term bullish outlook on gold [9] - Copper prices are supported by positive sentiment in the domestic commodity market and upcoming tariff changes, with a long-term optimistic outlook [10] - Aluminum prices are influenced by macroeconomic factors and inventory levels, with expectations of sustained high profitability in the sector [11] Market Performance - The non-ferrous metal index increased by 7.10%, outperforming the broader market by 5.43%, ranking third among 30 sub-industries [12] - The top-performing sectors include tungsten, lithium, and rare earth materials, with significant individual stock gains [12] Metal Prices and Inventory - Prices for various metals, including lithium and cobalt, have shown significant increases, indicating strong demand and market dynamics [22][24][27] - Basic metals have generally seen price increases both domestically and internationally, with specific price movements detailed for copper, aluminum, zinc, lead, nickel, and tin [27][28] - Inventory levels for metals such as copper and aluminum have shown mixed trends, impacting market supply dynamics [35][36]

3. 贝森特周二在华盛顿特区由摩根大通主办的私人投资者峰会上表示，与中国的贸易战是不可持续 的，"没有人认为目前的现状是可持续的"，贸易战局势可能会在 "不久的将来" 缓和。他还坚称，特朗 普政策的目标 "不是脱钩"，但与中国谈判可能是 "一场艰苦的战斗"，双方都 "不认为现状是可持续 的"。 4. 2025 年 4 月 23 日，美国白宫新闻秘书莱维特表示，特朗普希望美元继续保持世界储备货币地 位。 1. 川普发表关税缓和言论，抛出橄榄枝： 2. 特朗普称美联储应该降低利率，且他无意解雇美联储主席鲍威尔，还表示希望鲍威尔在利率问题上采 取更加积极的行动 以上回应了近期大家关注的中美关税，美元信用，联储独立性，安抚意味浓厚。 美元，美股即刻反弹，盘后期货继续涨；目前中美高关税实质禁运的前提下，已经没有更差了，置之死 地而后生，过程肯定是曲折的，后面只会越来越来好，有没有被错杀的机会？ ...

2. 特朗普称美联储应该降低利率，且他无意解雇美联储主席鲍威尔，还表示希望鲍威尔在利率问题上采取更加积极的行动 3. 贝森特周二在华盛顿特区由摩根大通主办的私人投资者峰会上表示，与中国的贸易战是不可持续的，"没有人认为目前的现状 是可持续的"，贸易战局势可能会在 "不久的将来" 缓和。他还坚称，特朗普政策的目标 "不是脱钩"，但与中国谈判可能是 "一 场艰苦的战斗"，双方都 "不认为现状是可持续的"。 4. 2025 年 4 月 23 日，美国白宫新闻秘书莱维特表示，特朗普希望美元继续保持世界储备货币地位。 以上回应了近期大家关注的中美关税，美元信用，联储独立性，安抚意味浓厚。 美元，美股即刻反弹，盘后期货继续涨；目前中美高关税实质禁运的前提下，已经没有更差了，置之死地而后生，过程肯定是曲 折的，后面只会越来越来好，有没有被错杀的机会？ 1. 川普发表关税缓和言论，抛出橄榄枝： ...